Although a majority of distressed homeowners are plagued by mortgages that far exceed the actual value of their homes, the number of homeowners with underwater mortgages is shrinking, according to Black Knight Financial Services’ latest Mortgage Monitor report.

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The number of seriously underwater homeowners inched up slightly during the first quarter due to slow home price appreciation, according to housing data provider RealtyTrac. At the end of the first quarter, just under 7.4 million residential properties were underwater.

As the aftermath of the U.S. housing market collapse in 2008 continues to unravel, the U.S. Supreme Court this week heard oral arguments in a case that will decide whether an underwater mortgage loan can be wiped out in a bankruptcy proceeding.